If you’ve had trouble getting a home loan in the past, Keystart has made some changes that could improve your chances.
Keystart No Genuine Savings
Keystart no longer require genuine savings as part of their minimum deposit requirements. This means that you can use your First Home Owners Grant as part of your home loan deposit, rather than having to save that money yourself. Keystart typically require a deposit of 2%, although it can vary depending upon purchase price and location.
Keystart have also made some changes in how they calculate customer expenses. The aim of this is to give a better indication of your capacity to manage your home loan repayments.
If you want to apply (or re-apply), read more about the Keystart changes here.
Who Is Keystart
Keystart is a WA government initiative that helps WA residents own their first home. It is administered under the WA Housing Authority and was established in 1989.
Keystart makes it easier to buy a home by helping to lower the upfront costs.
They offer a range of low deposit & shared home loans. Importantly, a Keystart loan can be used to fund the purchase of a block of land and home building contract.
To qualify for a Keystart Home Loan, you need to be:
- Over 18
- Living in WA and a permanent resident of Australia
- Earning less than $90K if a single person, or less than $115K if you’re a couple or less than $135K if you’re a family
- Do not currently own a home
- Planning to live in the home you build.
Check to see if you qualify here.
And find your dream home here.
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